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host: up next on the proposal that was offered by the white house on the fiscal cliff. this is jon. independent line. hello. caller: hello. first of all, happy holidays. not sure. happy holidays, anyway. second of all, you people are journalists. you people are true journalists. i watch every day of the week. and one more thing, that fool that called yesterday, must be a product of inbreeding the way -- i don't know how they let him in. host: before we go back to yesterday, what do you think of the proposal today? >> caller: well, you don't know what they do behind closed doors. what they put out to the public is one thing and from both parties. they both have a little spin here and there. politicians to me, ha, i could tell you a story that happened when i was a kid in the 1950's. i'm originally from new york and some woman asked a politics who was running, why should i vote for you? and he said outright, because time biggest crook in this neighborhood and that guy was always voted in all the time because he was honest. we don't know what goes on behind closed doors. people are get
host: up next on the proposal that was offered by the white house on the fiscal cliff. this is jon. independent line. hello. caller: hello. first of all, happy holidays. not sure. happy holidays, anyway. second of all, you people are journalists. you people are true journalists. i watch every day of the week. and one more thing, that fool that called yesterday, must be a product of inbreeding the way -- i don't know how they let him in. host: before we go back to yesterday, what do you think of...
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solving the fiscal cliff in a manner that addresses the true drivers of our debt and saves american jobs is a great way for the president to start his second term. and for the good of our country, and my colleagues, we're ready to work with the president to achieve those goals. >> mr. speaker, couple things. first, on the issue of tax rates, are you willing to accept no deal that includes some increase in those top tax rates? and i'm also wondering what our final deadline is on this? when do we really have to have a deal? >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy. pure and simple. secondly, the american people expect us to find common ground, to work together, and to resolve this. and frankly, sooner is better than later. >> you've been doing this for a long time. the past 24
solving the fiscal cliff in a manner that addresses the true drivers of our debt and saves american jobs is a great way for the president to start his second term. and for the good of our country, and my colleagues, we're ready to work with the president to achieve those goals. >> mr. speaker, couple things. first, on the issue of tax rates, are you willing to accept no deal that includes some increase in those top tax rates? and i'm also wondering what our final deadline is on this? when...
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then, despite the looming fiscal cliff, americans are focused as we say on that to do list. what do you consider are the most pressing economic issues facing the united states today, jobs and unemployment, far and away, number one, 30%, followed by government spending, the budget deficit, and then back the wages at 11%. 41% saying he their wages or unemployment and then you see the government spending peace. if you look at how this breaks out by republican, democrat, independent, independent and democrats rank jobs higher than wages, and if you look at republics, they rank spending and the deficit. when you go back to this idea of compromise, where are you compromising about? these are very tricky times in terms of creating a working coalition on that issue. compromise -- considering the challenges facing the country, which of the following actions do you believe will to the most to help the country improve? we read three separate purchase to this. the number one was growing economy and creating jobs through investments, even if that means continued deficits and tax increase
then, despite the looming fiscal cliff, americans are focused as we say on that to do list. what do you consider are the most pressing economic issues facing the united states today, jobs and unemployment, far and away, number one, 30%, followed by government spending, the budget deficit, and then back the wages at 11%. 41% saying he their wages or unemployment and then you see the government spending peace. if you look at how this breaks out by republican, democrat, independent, independent...
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host: we are going to move on and talk about the fiscal cliff and some of the issues surrounding that. we are going to look at a specific issue of so-called tax extenders a little bit later with sam goldfarb. he will also be talking about tax issues in general when it comes to the fiscal cliff. if you have questions about tax issues or comments about how taxes should be included in these discussions, he will be taking your calls. up next, we're going to have a look at republicans and the fiscal cliff negotiations with radio talk-show host and columnist armstong williams. that is coming up next as we continue the "washington journal." ♪ >> why a writers institute? i think it is very important within the culture. we are a culture of words, of voices. words are key to our imagination, our capacity to envision things. we ourselves are not completely tied to print on the page. but i think that there is no other art form so readily accessible other than perhaps -- but it is something -- there is something in literature that captures the humans. . >> this weekend, we look behind the scenes
host: we are going to move on and talk about the fiscal cliff and some of the issues surrounding that. we are going to look at a specific issue of so-called tax extenders a little bit later with sam goldfarb. he will also be talking about tax issues in general when it comes to the fiscal cliff. if you have questions about tax issues or comments about how taxes should be included in these discussions, he will be taking your calls. up next, we're going to have a look at republicans and the fiscal...
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Nov 29, 2012
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what we need is the president to come forward with a plan on how he wants to avert the fiscal cliff. it is irresponsible of us not to deal with the spending issue and simply to push for raising taxes on hard-working american people. many of us come from small- business backgrounds -- family owned businesses. we understand the situation very well. but it isn't -- it is important we not pass this problem along to our children and grandchildren, but we deal with it in a responsible way. the republicans have come forward with a responsible plan and will continue to do that and look for ways to keep us from going over this fiscal cliff. >> we have time for a couple questions before we go to our meeting. >> your colleague has told other colleagues that it is time to vote to extend the middle-class tax cut -- i want to get your take on his comments. more importantly, is this the direction the conference is going? >> i told tom earlier that i disagree with him. he is a wonderful friend and a great supporter of mine, but raising taxes on the so-called top 2%, half as taxpayers are small busin
what we need is the president to come forward with a plan on how he wants to avert the fiscal cliff. it is irresponsible of us not to deal with the spending issue and simply to push for raising taxes on hard-working american people. many of us come from small- business backgrounds -- family owned businesses. we understand the situation very well. but it isn't -- it is important we not pass this problem along to our children and grandchildren, but we deal with it in a responsible way. the...
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cliff. for more, go to our website, c- span.org. grover norquist of americans for tax reform talks about his no tax increase pledge. that is at c-span.org. tomorrow on "washington journal ," julie rovner discusses the health care law. kem dixon looks at the payroll tax cut that was enacted in 2010 and if the white house plans to extend it. then a discussion of whether will be extended and the impact on our current economy. plusher e-mails, phone calls, and tweets. >> on 16 or 17 basis in the united states we have military run schools. the average cost per child per year in those schools is $50,000. almost four times what the rest of the public education costs. the vast majority of our bases used public schools. we could take the money we are spending today, paying every public school system 14 dozen dollars per child, and save billions of dollars per year, and with the same or better outcomes. >> this weekend, you can talk with senator tom coburn about the fiscal cliff and the future of the
cliff. for more, go to our website, c- span.org. grover norquist of americans for tax reform talks about his no tax increase pledge. that is at c-span.org. tomorrow on "washington journal ," julie rovner discusses the health care law. kem dixon looks at the payroll tax cut that was enacted in 2010 and if the white house plans to extend it. then a discussion of whether will be extended and the impact on our current economy. plusher e-mails, phone calls, and tweets. >> on 16 or 17...
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going off the fiscal cliff will hurt our economy. it will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes, to replace the sequester, and pave the way for tax reform and entitlement reform. we are the only ones with a balanced plan to protect the economy, protect american jobs, and protect the middle class from the fiscal cliff. without spending cuts and entitlement reform, it will be impossible to address our country's debt crisis and get our economy going again and to create jobs. right now all eyes are on the white house. the country does not need a victory lap. it needs leadership. it is time for the president and congressional democrats to tell the american people what spending cuts they're willing to make. with that, i will take a few questions. [indiscernible] >> it has been very clear over the last year and a half. i have talked to the president about many of them. you can look at our budgets where we outlined specific proposals that we passed last year and the year before. we k
going off the fiscal cliff will hurt our economy. it will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes, to replace the sequester, and pave the way for tax reform and entitlement reform. we are the only ones with a balanced plan to protect the economy, protect american jobs, and protect the middle class from the fiscal cliff. without spending cuts and entitlement reform, it will be impossible to address our country's...
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caller: i don't think the american people will get anything unless we let things go over the fiscal cliff. republicans will never agree to anything. i think obama needs to stick to his guns. guest: that is one of view of some liberals and some republicans say let's go over the cliff. then you get to cut tax rates. that is easier politically to do. nobody says it is their first choice. some say the democrats could have more leverage if we go over the cliff. some think tanks have said and most people understand it is a slope. it will be gradual. many people are looking to the stock-market to see what their reaction is if there is not a deal. that could have its own impact on the economy. host: author any strong advocates in the administration who maintain the payroll tax cuts? guest: chris van hollen is a top democrat in the house and has been vocal about saying we should continue it. larry summers said we should continue it. the obama administration had said that it was time to go back and let the tax cut expire. they have been quiet about that recently. host: now again, from "money" magaz
caller: i don't think the american people will get anything unless we let things go over the fiscal cliff. republicans will never agree to anything. i think obama needs to stick to his guns. guest: that is one of view of some liberals and some republicans say let's go over the cliff. then you get to cut tax rates. that is easier politically to do. nobody says it is their first choice. some say the democrats could have more leverage if we go over the cliff. some think tanks have said and most...
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a joint economic committee hearing on the fiscal cliff. and shaun donovan discusses. ? morning, the national journal on the u.s. economy and a poll on the middle class. live coverage begins at 8:30 a.m. eastern on c-span 2. in the senate today, harry reid and mitch mcconnell went back and forth on fiscal cliff issues. there is part of their exchange. >> yesterday afternoon, i came to the floor and offered president obama's proposal on the fiscal cliff to show that neither he nor democrats in congress are acting in good faith in these negotiations. with just a few weeks ago before a potentially entirely avoidable blow to the economy, the president proposed a plan the members of his own party will even vote for. he is not interested in a balanced agreement, not particularly interested in avoiding the fiscal cliff, and clearly not interested at all in cutting any spending. with the president is really in, as we learned just yesterday, is getting as much taxpayer money as he can, first by raising taxes on small businesses who he believes are making too much money, and then
a joint economic committee hearing on the fiscal cliff. and shaun donovan discusses. ? morning, the national journal on the u.s. economy and a poll on the middle class. live coverage begins at 8:30 a.m. eastern on c-span 2. in the senate today, harry reid and mitch mcconnell went back and forth on fiscal cliff issues. there is part of their exchange. >> yesterday afternoon, i came to the floor and offered president obama's proposal on the fiscal cliff to show that neither he nor democrats...
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will blame republicans in congress if you go over the fiscal cliff. how long can you have that hard line on those making 250 and above. >> america faces a very serious problem and our goal is to make sure it gets solved. we have a debt problem that is out of control. we have got to cut spending and i believe it is appropriate to put revenues on the table. the receive news we are putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more -- more of their money to the federal government without raising the tax rates which we believe will harm our economy. [inaudible question] >> i think our members understand the seriousness of the situation that our country faces. trillion dollar deficits for as far as the eye can see. $16 trillion of debt on the books. every man, woman and child owing the american government $50,000 and that number is increasing every single year. as a result, our members understand that we've got to solve the problem, and we will. >> the hous
will blame republicans in congress if you go over the fiscal cliff. how long can you have that hard line on those making 250 and above. >> america faces a very serious problem and our goal is to make sure it gets solved. we have a debt problem that is out of control. we have got to cut spending and i believe it is appropriate to put revenues on the table. the receive news we are putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close...
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going off the fiscal cliff will hurt our economy, it will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes, to replace the sequester, and pave the way for tax reform and entitlement reform. we are the only one was a balanced plan to protect the economy, protect the american jobs, and protect the middle class from the fiscal cliff. but without spending cuts and entitlement reform, it's going to be impossible to address our country's debt crisis and get our economy going again and create jobs. right now all eyes are on the white house. the country doesn't need a victory lap, it needs leadership. it's time for the president and congressional democrats to tell the american people what spending cuts they are really willing to make. i'll take a few questions. it's been very clear over the last year and a half, i talked to the president about many of them. you can look at our budget. where we outline very specific proposals that we have in last year's budget and the budget from the year before
going off the fiscal cliff will hurt our economy, it will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes, to replace the sequester, and pave the way for tax reform and entitlement reform. we are the only one was a balanced plan to protect the economy, protect the american jobs, and protect the middle class from the fiscal cliff. but without spending cuts and entitlement reform, it's going to be impossible to address...
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will blame republicans in congress if you go over the fiscal cliff. how long can you have that hard above. -- how long can you afford politically to have those tax cuts? >> america faces a very serious problem and our goal is to make sure it gets solved. we have a debt problem that is out of control. we have got to cut spending and i believe it is appropriate to put revenues on the table. the receive news we are putting -- of the revenues we are putting from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more -- more of their money to the federal government without raising the tax rates which we believe will harm our economy. >>\[inaudible question] >> i think our members understand the seriousness of faces. trillion dollar deficits for as far as the eye can see. $16 trillion of debt on the books. every man, woman and child owing the american government $50,000 and that number is increasing every single year. as a result, our members understand that we've got to solve the problem, and we will. >>
will blame republicans in congress if you go over the fiscal cliff. how long can you have that hard above. -- how long can you afford politically to have those tax cuts? >> america faces a very serious problem and our goal is to make sure it gets solved. we have a debt problem that is out of control. we have got to cut spending and i believe it is appropriate to put revenues on the table. the receive news we are putting -- of the revenues we are putting from, guess who? the rich. there...
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on how to deal with the fiscal cliff. marchese said tax increases are necessary to reduce the deficit. senator bob casey of pennsylvania chaired the hearing. >> the committee will come to order. we want to thank everyone for being here today. i did not have a chance to personally greet our witnesses, but i will have time to do that later. i want to thank both of our witnesses for being here. i will have an opening statement that i will make, and then i will turn it to dr. burgess. i know that vice chairman brady will be her as well. we know the challenges that we confront here in congress on a whole range of issues which are sometimes broadly described under the umbrella of the terminology, fiscal cliff -- when we confront those difficult challenges, we have to ask ourselves a couple of basic questions. one of the basic questions we must ask is, what will be the result and will be the impact as it relates to middle income families? what will happen to them in the midst of all these tough issues we have to work out? we kno
on how to deal with the fiscal cliff. marchese said tax increases are necessary to reduce the deficit. senator bob casey of pennsylvania chaired the hearing. >> the committee will come to order. we want to thank everyone for being here today. i did not have a chance to personally greet our witnesses, but i will have time to do that later. i want to thank both of our witnesses for being here. i will have an opening statement that i will make, and then i will turn it to dr. burgess. i know...
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speaker, we are less than four weeks from falling off the fiscal cliff. it's time for democrats to come to the table with something more than job-killing taxes. if they have serious ideas for entitlement reform, the american people deserve to hear them. unfortunately, mr. speaker, the reason we haven't heard democrat ideas for entitlement reform may be because they have no plans to cut or reform entitlement spending at all. this is just another game from their playbook. raise taxes and increase spending, as always. i yield back. the speaker pro tempore: the gentleman's time has expired. the house will come to order. the house will come to order. will members please take their conversations off the floor. are there any more "for one minutes? -- for one minutes? any more requests for one minutes? the gentleman from texas. without objection. mr. poe: on christmas day most of us will wake up with our families, smell of turkey in the often, homemade apple pie. but on the other side of the world there are men and women who will wake up in the middle of the dese
speaker, we are less than four weeks from falling off the fiscal cliff. it's time for democrats to come to the table with something more than job-killing taxes. if they have serious ideas for entitlement reform, the american people deserve to hear them. unfortunately, mr. speaker, the reason we haven't heard democrat ideas for entitlement reform may be because they have no plans to cut or reform entitlement spending at all. this is just another game from their playbook. raise taxes and increase...
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happening relating to the fiscal cliff negotiations. coming up in half an hour we begin to show you the remarks from congressional leaders on where things currently stand. we start with house speaker john boehner. also house minority leader nancy pelosi and senate democratic leader harry reid. that starts at 8:00 p.m. eastern. tomorrow on "washington journal," a congressional historian gives the history of the filibuster rule and the changes senate leader reid is pursuing. then a guest from politico examines tax credits aimed at families and businesses that will be impacted if congress does not act on the so-called fiscal clef. beginning at 7:00 a.m. eastern on c-span. today in new york at the united nations, the general assembly voted 138-9 with 41 countries abstaining to recognize the state of palestine. it updates the palestinian status to a non member observer state at the united nations. after the vote, u.s. ambassador to the u.n. susan rice said the vote places further obstacles in the path of peace. here are comments -- are about
happening relating to the fiscal cliff negotiations. coming up in half an hour we begin to show you the remarks from congressional leaders on where things currently stand. we start with house speaker john boehner. also house minority leader nancy pelosi and senate democratic leader harry reid. that starts at 8:00 p.m. eastern. tomorrow on "washington journal," a congressional historian gives the history of the filibuster rule and the changes senate leader reid is pursuing. then a...
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to avoid the fiscal cliff budget measures set to go into effect next month. more than twice the 25% who want leaders to stick to their principles. a majority of all party groups favor compromise. here is the breakdown from the gallup organization. 71% of democrats say they want a compromise bursa's 21% who say the party should stick to their principles. among republicans 55% one compromise. 35% say stick to your principles. the gallup poll also found americans are more optimistic and pessimistic that an agreement will be reached before the deadline. 58% say it is a very or somewhat likely leaders will find a solution. 39% say it is not likely. democrats are much more optimistic. 77% of democrats believe it is somewhat likely an agreement will be reached compared to 33% of republicans. we will be getting to all of the latest on the fiscal clef. we want to hear from you about the idea of compromise. comments already coming in from the facebook page. you can give us a call this morning. the lines are open. i want to get to the latest on what is happening with th
to avoid the fiscal cliff budget measures set to go into effect next month. more than twice the 25% who want leaders to stick to their principles. a majority of all party groups favor compromise. here is the breakdown from the gallup organization. 71% of democrats say they want a compromise bursa's 21% who say the party should stick to their principles. among republicans 55% one compromise. 35% say stick to your principles. the gallup poll also found americans are more optimistic and...
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tell me about energy policy and where it fits in with the fiscal cliff. what we will spend money on and how we were tightened our belts. >> the major place it fits is the right policy would create an environment which would produce a lot more revenue. that would help to reduce the debt. the federal government doesn't spend much money on energy. energy research is about $6 billion a year. i would like to see it doubled. this report is a blueprint for independence and i think it is the right blueprint. we are not in a position to be held hostage by anybody. it also focuses on find more and use less. what we can do in the federal government is i think invest in research and getting a 500-mile battery for electric cars and getting solar energy that is 1 kilowatt installed and finding a way to capture carbon from coal plants that can be turned into fuel that is commercially sold. we should look at the model of unconventional gas in terms of how our system and federal research and our system of private properties have produced a situation where we have a massiv
tell me about energy policy and where it fits in with the fiscal cliff. what we will spend money on and how we were tightened our belts. >> the major place it fits is the right policy would create an environment which would produce a lot more revenue. that would help to reduce the debt. the federal government doesn't spend much money on energy. energy research is about $6 billion a year. i would like to see it doubled. this report is a blueprint for independence and i think it is the...
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speaker, reflects what happens if we go off this fiscal cliff. it's a spending decision and a tax decision, but i list them both up here. this chart comes from the congressional research service. a couple interesting things i want to point out here. first and foremost, if we do nothing, tax increases of about $400 billion, there are going to be spending reductions of about $102 billion, there are some other changes that happen at the end of the year that aren't associated with policy decisions, at the end of the day we change the scope of our deficit by about $607 billion. if we do nothing, that's what makes this such a hard issue to grapple with, mr. speaker, if we do nothing, if we reach no agreement, changes that happen automatically and burden us all in different ways, will create $607 billion for the u.s. treasury that we didn't have before. and that's only half of the annual deficit. you see all the pan damone yum that -- pandemonium folks are describing, all the frightful words used to describe the fiscal cliff, if we roll over that fiscal
speaker, reflects what happens if we go off this fiscal cliff. it's a spending decision and a tax decision, but i list them both up here. this chart comes from the congressional research service. a couple interesting things i want to point out here. first and foremost, if we do nothing, tax increases of about $400 billion, there are going to be spending reductions of about $102 billion, there are some other changes that happen at the end of the year that aren't associated with policy decisions,...
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cliff situation. but, there is 100% agreement, 100% agreement, among congressional black caucus leaders, that we do not want an austerity cliff where we have -- where this leads to increased poverty and exacerbates the hardship for low and middle class families. and that the wealthiest individuals and corporations should have to pay their fair share of taxes. as a member of the budget committee and the democratic chair of the congressional caucus for women's issues, i have a lot of thoughts on the fiscal cliff negotiations. first of all, we must include a robust extension of federal unemployment benefits for workers. mr. scott, has there ever been a time when the unemployment rate, 7.%, has ever been this high and on a bipartisan basis, on a bipartisan basis, this congress has not provided extended unemployment basis for workers? mr. scott: if the gentlelady would yield. the practice that we would -- it is generally the practice we would extend emergency unemployment compensation for longer than norma
cliff situation. but, there is 100% agreement, 100% agreement, among congressional black caucus leaders, that we do not want an austerity cliff where we have -- where this leads to increased poverty and exacerbates the hardship for low and middle class families. and that the wealthiest individuals and corporations should have to pay their fair share of taxes. as a member of the budget committee and the democratic chair of the congressional caucus for women's issues, i have a lot of thoughts on...
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host: what are the odds we go over the fiscal cliff? guest: i am an optimist, i do not think we will, but when we wait until the last minute, something could go wrong. we got right to the last minute on what could've been made government shut down in april, 2011. the last minute on the fiscal cliff -- i do not think it is a good way to do business. it seems to be the way we are doing business in this town. host: if we were to go over, what happens? guest: probably, congress would be back in session quickly and we would do something but i am talking about right now, hopefully, and continue to negotiate. it is not to question of dollars and cents. some people have said we could let the rates go up and the republicans could take something down and they could call that a tax cut. people would lose faith in the institution and political leadership. trust is a funny commodity. you have it until you do not. you do not get it back if you lose the trust and then do the right thing the next day. we should convince the country, the markets and the
host: what are the odds we go over the fiscal cliff? guest: i am an optimist, i do not think we will, but when we wait until the last minute, something could go wrong. we got right to the last minute on what could've been made government shut down in april, 2011. the last minute on the fiscal cliff -- i do not think it is a good way to do business. it seems to be the way we are doing business in this town. host: if we were to go over, what happens? guest: probably, congress would be back in...
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he spoke about the fiscal cliff negotiations. this is what he had to say. [video clip] >> the reason i am here is i want the american people to urge congress soon to begin the work we have by doing what we all agree on. both parties agreed we should extended the middle-class tax cuts. we have disagreements about the high end tax cuts. republicans do not want to raise taxes on people like me. i think i can pay a little more to make sure kids can go to college and we can build roads and invest so we are finding cures for alzheimer's. that is something we have to sort out. we already all agree on making sure middle-class taxes do not go up. host: this president's trip was covered in the "the new york post." back to the telephones with our discussion regarding the fiscal cliffs. ryan is the next caller. caller: i would like somebody to call and on the republic of mine and tell me with these george w. bush tax cuts over the past eight years, where are the jobs? if tax cuts create jobs, where are they at? that is one point. when speaker john boehner talks about o
he spoke about the fiscal cliff negotiations. this is what he had to say. [video clip] >> the reason i am here is i want the american people to urge congress soon to begin the work we have by doing what we all agree on. both parties agreed we should extended the middle-class tax cuts. we have disagreements about the high end tax cuts. republicans do not want to raise taxes on people like me. i think i can pay a little more to make sure kids can go to college and we can build roads and...
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tell me about energy policy and where it fits in with the fiscal cliff. what we will spend money on and how we were tightened our belts. >> the major place it fits is the right policy would create an environment which would produce a lot more revenue. that would help to reduce the debt. the federal government doesn't
tell me about energy policy and where it fits in with the fiscal cliff. what we will spend money on and how we were tightened our belts. >> the major place it fits is the right policy would create an environment which would produce a lot more revenue. that would help to reduce the debt. the federal government doesn't
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Dec 6, 2012
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[laughter] and now we can talk about the fiscal cliff. let me start off just by -- we will do the house rules, except we will cut in half. 30 seconds -- then we will have time to elaborate on all this. i want to go through the panel. what do think the odds are that some kind of the deal will be cut by january 1 in order to avoid sequestration and all the tax hikes? mark, i will start with you. >> i think it is 80% that we will avoid sequestration. the question is, though, is this going to be a big enough deal, and will actually be enough of a down payment that it will lead to something else subsequently that will actually avoid the kind of enormous consequences of $16 trillion of debt? that percentage will be lower than the 80%. >> let's come back to the big picture -- in the short term, by january 1 -- will we avoid the cliff? >> i think it is likely that we avoid it. it does not appear that that is going so well. it is so easy for us just to do the things we need to do. i think the real line in the sand is going to be the debt ceiling.
[laughter] and now we can talk about the fiscal cliff. let me start off just by -- we will do the house rules, except we will cut in half. 30 seconds -- then we will have time to elaborate on all this. i want to go through the panel. what do think the odds are that some kind of the deal will be cut by january 1 in order to avoid sequestration and all the tax hikes? mark, i will start with you. >> i think it is 80% that we will avoid sequestration. the question is, though, is this going to...
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Dec 5, 2012
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caller: the fiscal cliff and are 100 trillion dollar debt, mostly it's the fault of the american people. i blame congress in general for not having the courage to tell us the truth, but it is the american people who don't want to deal with that is essentially forcing this thing. host: 1 cumene? hat do you mean? caller: we have unsustainable debt. it has to be reformed. for decades we have been electing politicians will tell us what we want to hear, but we cannot pay for the programs we want. until the american people themselves can deal with the truth, we're not going to solve this. contacting our politicians, offering sacrifice of the programs we like is the only solution. until then, politicians will not have the courage to cut the programs that we simply tell them not to touch. host: here is the editorial in the wall street journal this morning -- rick? caller: it's like a bar tab. we are the runs that ran up the bartec. our grandchildren will ultimately have to pay it until we realize we have to stop drinking and start paying the bill, nothing will happen. host: what should happen t
caller: the fiscal cliff and are 100 trillion dollar debt, mostly it's the fault of the american people. i blame congress in general for not having the courage to tell us the truth, but it is the american people who don't want to deal with that is essentially forcing this thing. host: 1 cumene? hat do you mean? caller: we have unsustainable debt. it has to be reformed. for decades we have been electing politicians will tell us what we want to hear, but we cannot pay for the programs we want....
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host: we're looking at different pass expects of the fiscal cliff. today we turn our attention to the alternative minimum tax and the patch that could come from congress if they're able to work out a deal. if they do nothing this will impact 30 million americans. joining to us discuss is georgetown law's john buckley. thank you for being here. john buckley, let's begin. what is the alternative minimum tax? guest: in very simple terms, the alternative minimum tax requires you to pay the greater of what you pay under the regular income tax or what you would compute under the minimum tax which has a slightly broader base. it disallows some deductions that would be allowed in the regular tax. in some respects it's very similar to cap on itemized deductions that's currently being discussed. rather than directly attack preferences in expenditures it essentially puts an overall cap on benefit. there's no new ideas in this debate. the cap bears a very strong relationship to how the alternative minimum tax works. host: here is the form 6251 from the i.r.s. fo
host: we're looking at different pass expects of the fiscal cliff. today we turn our attention to the alternative minimum tax and the patch that could come from congress if they're able to work out a deal. if they do nothing this will impact 30 million americans. joining to us discuss is georgetown law's john buckley. thank you for being here. john buckley, let's begin. what is the alternative minimum tax? guest: in very simple terms, the alternative minimum tax requires you to pay the greater...
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Dec 4, 2012
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lankford: in a few days we're going to have to resolve the fiscal cliff. eye roncally enough, something the house of representatives passed last may. in april set out a tax plan. in may passed a sequestration plan, went to the senate and said we're going to see you in the lame duck time period. we're in the lame duck and this had has to be solved. we have to solve the problem. the first thing is to define what the problem even is. it seems one group is talking about the real problems, the fiscal cliff, and the other group is talking about the real problem, the debt and deficit. what is the real issue? we have $16.3 trillion in debt as a nation. $1 trillion of overspending or each year for the last four years. let me set the example of what this really means. in 2007, our tax revenue, how much we were bringing in the treasury, is almost exactly what it is in 2012. from 2007 to 2012, the revenue is almost identical. the difference is our spending has gone up $1 trillion a year. from 2007 to 2012. so over the course of that time it's slowly built up. but each
lankford: in a few days we're going to have to resolve the fiscal cliff. eye roncally enough, something the house of representatives passed last may. in april set out a tax plan. in may passed a sequestration plan, went to the senate and said we're going to see you in the lame duck time period. we're in the lame duck and this had has to be solved. we have to solve the problem. the first thing is to define what the problem even is. it seems one group is talking about the real problems, the...